After a spell of resilience yesterday from the UK stock market, the FTSE 100 tumbled today in the...
After a spell of resilience yesterday from the UK stock market, the FTSE 100 tumbled today in the wake of more corporate warnings from technology bellwethers. Yesterday heard earnings warnings from US groups Compaq and Oracle and Dutch chip manufacturer ASM Lithography.
A raft of technology stocks have headed downwards and there has been little upside to counter-act the decline.
The FTSE 100 toppled 120.3 points to 5608.9 while the techMark lost 81.57 to 2090.68.
Worst hit amongst the FTSE 100 this morning was accounting software group Sage. Shares slumped after a profit warning from its US competitor Intuit and to worsen matters broker ABN Amro has downgraded the shares to hold from add. Sage's stock dropped 36.5p to 265p.
Other software groups were amongst the top fallers, including Misys, down 55p to 555p and Logica, down 149p to 1176p.
Gains in the FTSE 100 were limited with retailer Marks & Spencer topping the table with a rise of 9.25p to 222.25p. The group has been given the thumbs up from Deutsche Bank who raised its rating for the group to buy from market perform. Deutsche set an encouraging target price of 290p.
Elsewhere amongst the tiddlers, shares in e-commerce software firm Actinic flopped in line with tech sentiment. Onlookers are suggesting the stock has been hit by the action of one market maker, a major holder of the stock, who opened book at a large discount to last night's close. Its shares sank 3.75p to 6.75p.
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